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Agribusiness ETF (MOO) Hits New 52-Week High
For investors seeking momentum, VanEck Agribusiness ETF (MOO - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 19.4% from its 52-week low of $82.50 per share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
MOO in Focus
The underlying MVIS Global Agribusiness Index tracks the overall performance of companies involved in agri-chemicals, animal health and fertilizers, seeds and traits; farm/irrigation equipment and farm machinery; agricultural products, aquaculture and fishing, livestock plantations, and trading of agricultural products. The fund charges 55 bps in fees.
Why the Move?
Prices for major food staples are on the rise as prices for most agricultural commodities have been hovering around an all-time high. Supply crunch has led to the rally in agricultural products.
More Gains Ahead?
The fund has a positive weighted alpha of 12.50 (per barchart.com), which gives cues of further rally.